On July 22, 2014, the Honorable Valerie Caproni of the United
States District Court for the Southern District of New York
appointed Berger & Montague (along with Quinn Emanuel
Urquhart and Sullivan LLP) co-lead counsel in these consolidated
class actions on behalf of traders of gold-based derivative
contracts, physical gold, and gold-based securities against
The Bank of Nova Scotia, Barclays Bank plc, Deutsche Bank AG, HSBC
Bank plc, and Société Générale (collectively, the "Fixing Banks"),
The London Gold Market Fixing Ltd. ("LGMF"), and UBS AG and UBS
Securities LLC (together, "UBS").

The Bank of Nova Scotia, Barclays Bank plc, Deutsche Bank Ag,
HSBC Bank plc and Société Générale are all members of the London
Gold Market Fixing Ltd., which conducts the London Gold
Fixing. The London Gold Fixing is a twice daily process where
the defendants set an important benchmark price for gold.
Plaintiffs allege that the defendants conspired to manipulate this
benchmark for their collective benefit. Plaintiffs further
allege that they were injured because defendants' manipulation
caused prices for gold-based derivatives contracts, physical gold,
and gold-based securities to be made artificial. Various
government financial authorities in the U.S. and abroad are
currently looking at the London Gold Fixing process.

Defendants moved to dismiss the complaint through three separate
motions, the first filed by the Fixing Banks, the second filed by
LGMF, and the third filed by UBS. On October 3, 2016, Judge
Caproni substantially denied the Fixing Banks' and LGMF's motions
to dismiss, allowing plaintiffs' antitrust and Commodity Exchange
Act claims to proceed to discovery. Judge Caproni granted
UBS's motion to dismiss.

On December 2, 2016, Deutsche Bank AG agreed to a $60 million
settlement. The deal represents an "icebreaker" settlement while
litigation continues against the other defendants. On December 9,
2016, Judge Caproni granted preliminary approval of the
settlement.